Question

Mac deposited $918.78 in a savings account that earns 2.1% simple interest. What is Mac's account balance after ten years?

Answer 1

`\bf ~~~~~~ \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$918.78\\ r=rate\to 2.1\%\to (2.1)/(100)\to &0.021\\ t=years\to &10 \end{cases} \\\\\\ A=918.78(1+0.021\cdot 10)\implies A=918.78(1.21)`